Fee and licence relief
The NSW Government is waiving a range of licence and permit fees for businesses for 12 months.
The tax-free threshold for payroll tax will increase from $900,000 to $1 million for the financial year commencing on 1 July 2020.
For businesses with payrolls of $10 million or lower:
- Annual tax liability reduced by 25% when these businesses lodge their annual reconciliation, which is due on 28 July.
- Can opt to defer payroll tax payment for 6 months.
Businesses with payrolls over $10 million can opt to defer payroll tax payment for 6 months
See more information at Revenue NSW.
Clubs and hotels will have their gaming machine tax payments deferred from March 2020 until 1 September 2020.
Lotteries and Keno payments will be deferred from 1 April 2020 to 30 September 2020.
Parking space levy payments will be deferred until 30 September 2020.
The Australian Government's instant asset write-off threshold is increased from $30,000 to $150,000.
It now includes businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
The Australian Government's Backing Business Incentives program provides a 50% deduction on the cost of an eligible asset on installation.
- Available to businesses with an aggregated turnover below $500 million.
- Existing depreciation rules apply to the balance of the asset's cost.
Commercial tenants with fewer than 20 employees and not-for-profits in all NSW Government properties will have their rents deferred for 6 months.
The NSW Government has enabled a range of measures to help commercial tenants if they are in financial distress due to COVID-19.
This will help businesses such as:
- industrial sites.
Key measures included in this package:
- landlords must negotiate rent relief agreements with tenants in financial distress due to COVID-19.
- a ban on the termination of a lease for non-payment of rent.
- a freeze in rent increases.
Find more information on rent relief arrangements.
Business owners who are having difficulty meeting rental repayments due to COVID-19, may be able to request a rent reduction from your landlord. Find eligibility criteria, step-by-step instructions on how to negotiate a new rent agreement, and where to find mediation support.
Retail or other commercial property owners may have tenants requesting rental relief due to COVID-19. Find information on negotiating new rental terms.
Eligible landlords with tenants suffering financial distress as a result of COVID-19 can apply for a reduction of up to 25% of the land tax payable on a parcel of land in the 2020 land tax year.
To be eligible, you need to be leasing property on your parcel of land to:
- a commercial tenant who has an annual turnover of less than $50 million AND lost 30% or more of turnover due to COVID-19
- a residential tenant who has lost 25% or more of household income due to COVID-19.
School businesses' lease and licence fees waived
Lease and licence fees have been waived up to the end of term 2 for small community businesses that use school sites, such as:
- uniforms shops
- out of school hours care services
- dance schools.
These arrangements have been backdated to the end of March.
Financially distressed businesses
To provide flexibility for your business during the COVID-19 (coronavirus) outbreak, the Australian Government has temporarily altered some creditor thresholds and regulation around trading while insolvent.
For more information on these changes visit the Australian Government Treasury website.
Last updated: 8 May 2020